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Leading Engineers Are Very Optimistic for Dubai’s Recovery

The Middle Eastern leading architectural and engineering
consultancy firm, Dewan Architects and Engineers, has shown a great deal of
optimism about the growth of the real estate sector in the United Arab
Emirates. This optimism was expressed following its participation at the
Cityscape Global 2010 meeting. The event, which ended on October 7th at the
Dubai World Trade Centre, featured a speech by the chairman and founder of
Dewan Architects and Engineers, Mohammed Al Assam, which was entitled
“Adopting a credible, coherent and practical architectural style in the
Middle East”.

Mr Mohammed Al Assam has noted that the Middle East and the Dubai property market have appeared to
be rebounding after the global downturn and pointed to the recent Dubai Chamber
figures that showed that over $700 billion worth of construction projects are
either at design stage or already under their way in the United Arab Emirates.
This presents to be a rather promising future for the Dubai property market and
with that for the United Arab Emirates.

“We are glad to report that we are continuously moving forward with all of
our projects. In fact, we received an overwhelmingly positive response at
Cityscape Global and we regard our participation here as a great success,”
as was stated by the chairman of of Dewan Architects and Engineers, Mohammed Al
Assam.

In a report to the London Stock Exchange, the Dubai Land Department recorded an
enormous sale of 1,188 for the period beginning January to June to a total
value of $2.62 billion, as was reported by 7Days.ae.

This is compared to the 510 transactions in the second half of 2009 and the
2,327 sales completed throughout the whole of 2009, highlighting the boost that
the United Arab Emirates has witnessed in just the past year alone. This was a
very positive change and promises to continue.

In a further positive step for Dubai property, mortgage lender Tamweel has
witnessed an increased stake from the Dubai Islamic Bank.

The Chairman of the Dubai Islamic Bank Mohammed Ibrahim Al Shaibani told the
news source: “The transaction marks an important milestone for the Dubai
Islamic Bank and the United Arab Emirate property.”

Meanwhile, emirates247.com reported that according to the government of Dubai’s
bond prospectus, 46 property projects have been completed and another whole
number of 307 are due to be completed, while another 495 projects have
unfortunately been cancelled.